A lens which looks like an insect's honeycomb eye is attached to a camera and takes one photo. You can then, after the fact, change depth of field and even camera angle on your computer! Very cool. Here's a video from the presentation of the prototype lens. The site is in french but scroll down to the bottom and the video is in english.

This stuff has been around for a while at Siggraph and in professional movie studios as it's often needed for 2D/3D integration. What's new is that photo people are seeing it for the first time. Is it the future? anything that deals with manipulating or fabricating image data to reduce production costs is the future.

What if your current camera could let you pick, say 3 focus points. Now the camera will shot 3 pictures in high speed mode at each focus point and the your computer program will align them, and you would have a similar effect
This might require a tripod

I think there are really two big problems with the idea: each lens requires its own sensor and each lens requires its own...well...lens. I'd hang onto your D700. Imagine paying for 7 of those sensors and 7 of whatever lens you're thinking of using. Yikes.

Photoshop will currently automatically stitch multiple photos taken at different focal points into one with a large depth of field. I think Walter Wick does something similar for his I Spy photos to get everything in focus:http://www.walterwick.com/ispy_mystery_bts.htm

No you dont need dedicated sensors.. If you have a look at the quality of the shots. Its not really that high. Its really taking 20 photos at once on the same sensor. From what i can gather that gadget is really a glorified filter. you you are getting 20 pictures of say 12mp/20. and then using software to manipulate the 20 layers in a more user friendly and intuitive way.